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Spinning Top candlestick pattern is the common pattern that is used to find the sign to open a trade. This article will show you how to use this pattern and trade it in Binomo.
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Contents
What is Spinning Top candlestick pattern? How to identify it
Spinning Top and Doji is the patterns that traders see as a sign of a market where neither the buyers nor the sellers could gain the upper hand. It has these basic features:
- Look like a plus mark “+”.
- It has a small body or even nobody.
- Upper shadow and lower shadow have the same length.
When Spinning Top candlestick pattern is formed, there’s a dilemma between the buyers and the sellers. The price may be pushed to a higher price, but it drops later. Finally, the closing price is quite similar to the opening price. When it happens in the support/resistance zone or the oversold/overbought zone of RSI, we can open a profitable trade.
How to trade with Spinning Top pattern in Binomo
Strategy 1: Spinning Top and support/resistance
Requirement: 5-minute candlestick chart + support/resistance level. The expiration time is 15 minutes.
How to open a trade = the price tests restriction area (support or resistance area) + Spinning Top candlesticks appear.
Explanation: There’s a high probability that the price reaches the level zone and bounces back. Spinning Top candlestick is the sign of opening a trade.
Strategy 2: Trendline and Spinning Top candlestick pattern
Requirement: The price is following a trend. The expiration time is 15 minutes.
How to open a trade: the price goes at the end of a trend + Spinning Top candlestick appears as a sign.
Explanation: At the end of a trend, the price loses its momentum. It is possible that the price reverses. Open a trade when Spinning Top candle appears and signs the beginning of a new trend.
Strategy 3: RSI and Spinning Top candlestick pattern
Requirement: RSI (30-70) + 5-minute candlestick chart. The expiration time is from 15 minutes.
How to open a trade: When 2 following conditions are fulfilled.
- RSI is at the overbought or oversold zone.
- A Spinning Top candlestick appears.
Explanation: Spinning Top candlestick appears to marks the reversal of the price when RSI reaches the overbought or oversold zone.
Summary
I hope that this article will help you learn another new strategy in Binomo. You can practice this strategy by registering a new account right here. Thanks for your time.